Nova AgriTech, situated in Hyderabad, was founded in May 2007 and primarily concentrates on three areas: crop protection, plant nutrition, and soil health.
Market Updates : Although its premium in the unofficial market has been eroding, crop nutrition player Nova AgriTech is expected to provide a respectable listing pop on Wednesday, based on patterns in the grey market. When it was last heard, Nova AgriTech was trading on the gray market for a premium of Rs 13 per share, suggesting a listing gain of about 30-32 percent over its Rs 41 issue price. The premium used to be Rs 23 per unit.
According to Dhruv Mudaraddi, a Research Analyst at Stoxbox, Nova AgriTech is ideally positioned to benefit from the significant development prospects in the Indian agricultural sector. He stated that the government’s measures and dedication to increasing farm production create the conditions for ongoing growth, and that Nova’s development plans are in line with the industry’s upward trend.
“There are two primary qualitative benefits of Nova AgriTech. A strong farmer outreach program and a well-established distribution network throughout cities guarantee a high level of product acceptability. We think the company is a compelling offering given its fair value, and we recommend investors who have been allotted to hold shares over the medium term,” he stated.
The first public offering (IPO) of Nova AgriTech took place between January 23 and January 25. An IPO pricing range of Rs 39–41 per share was established. Through its principal method, the business raised Rs 143.81 crore, which included an offer for sale (OFS) of up to 77.58 lakh equity shares and a fresh share sale of Rs 112 crore.
Due in large part to strong demand from non-institutional bidders, the issue’s overall subscription reached an astounding 109.37 times, resulting in an extraordinary 224.08 times allocation. During the bidding procedure, the fraction of retail investors saw a subscription of 77.12 times, while qualified institutional bidders (QIBs) subscribed 79.31 times.
Nova AgriTech was founded in May 2007 and has its headquarters in Hyderabad. Its three main business categories are crop protection, plant nutrition, and soil health. The registrar for the Nova AgriTech IPO was Bigshare Services, while the book running lead managers were Bajaj Capital and Keynote Financial Services.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.